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the obama economy? this is "special report." good evening, i am chris wallace in for bret baier. investors and traders on wall street are breathing a sigh of relief, thanks to a break from two rough selloff days in the financial markets. chief white house correspondent ed henry reports there's one man that remains on the hot seat, federal reserve chairman ben bernanke. >> reporter: after two days of market melt downs and high anxiety about 401(k)s plunging again, the last thing president obama or his aides wanted to do today was try to decipher the words of the fed chairman, ben bernanke. >> how is the white house sorting out what he said? >> here is what i have to say about the markets and the fed chairman and fed policy. >> reporter: nothing to say. probably smart because the market settled today, with modest gains for the dow and s&p 500 and a small drop for nasdaq, after a two day global selloff for stocks, bonds, and commodities, sparked by a massive credit crunch in china, refusal by communist leaders to intervene by pumping cash into the system, coupled with bernanke's comment that
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here? does it end up withdrawing the stimulus from the
" on sunday. >> >> we want to do our own congressional summit on immigration, the economy, spying. we've got terrific four some to talk about this, as well as to really examine the president's standing right now politically with some of these issues. and we'll do that with our round table. >> thank you very much. we'll be watching. >> okay. >> and senate approval of a broad overhaul of the nation's immigration system could get a boost to spend billions on border patrol. but while it is raising hopes for republican support, there is strong opposition to it. >> if it were actually needed and work, i would help deal with that. but i don't -- i have my doubts that this is the best way to spend our money. i think this was a political response to a failing piece of legislation, a dramatic, desperate attempt to pass a dramatic piece of amendment so they can say it does everything you want and more. so we'll see. hopefully it does improve the border. but again, the border is just one part of the overall failure of our immigration system. >>> and joining me now is nbc news capitol hill correspondent,
, dana, you would think maybe he would talk about the global economy because, you know, germany's still very much struggling with its economy. it's so much tied to the united states. why not talk about that? >> well, it's hard to imagine it's not going to be at a least implicit in his speech. but one of the things that people may not know about president obama is that when he was here in the capital, when he was senator obama, that issue, the nuclear issue, was something on the top of his priority list. in fact, when he was campaigning in 2008 and making the point when he got to the general election that he could work across the aisle with republicans. one of the examples he could give is working with former indiana republican on the nuclear issue. that they even traveled together on it. this is actually something, he wasn't here very long as a senator. he didn't even finish his first term, but this is something when he was here briefly he did focus on. the other quick thing i want to point out, gloria talking about the big crowd of 2008 and the much smaller crowd here now that he's pre
.s. economy, but there would be a road map for when they would stop doing that. the u.s. economy was strong enough to get on its own two feet and unemployment rate got back 7%. take their foot off the accelerator is the way the fed chief put it. overnight, world markets started to react saying all the markets that had benefitted from the big flood of fed money into the world economy and all markets having a pull back to what would be the reality when the fed is not in the game. you see the dow down about 69 points right now and down 72. we'll continue to watch. we have seen triple-digit declines the last six or seven days in a row, carol. >> then it goes right back up. such a weird thing. >> very volatile and i'll let you know how this is playing out and whether they can absorb it all right today. >> thank you, christine. >>> other stories we're covering this morning. senate negotiators are expected to announce a deal today on an immigration reform bill that would increase border security as cnn first reported yesterday. the plan would double the number of patrol officers from the current l
they may buy back bonds later this year because the economy in their view could be improving. this has all kinds of implications especially for interest rates. they kept artificially low fuelling the rebound of real estate prices for instance they helped fuel the slow recovery. >> i think the market is saying the fed believes this economy to be stronger than we do. but we don't believe you that if you take away the stimulus this economy won't be able to stand on its own two feet. until we see otherwise we are going to be concerned that this low trajectory economy can be at risk of dangerous down draft. >> we knew it would impact sometime that the fed would have to dial back on the bond buying spree 85 billion a month taking the foot off the it was pedal. the food news these can lead to buying opportunities. may be something of a rebound today. dow futures are up. >> doug luzader live in washington, thank you. >> it is the first day of summer and we are kicking it off with extreme weather. >> maria molina is in our weather center tracking heavy rains in parts of the country. hi maria. >> go
: investors say the storm is, in part, because of some good news about the economy. last month, employers added 175,000 new jobs with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession mean he is the federal reserve could pull back on its stimulus pro, which has pumped billions into the system to help drive growth. >> our economy is getting better and now it's time for us to see how we can do it on our own. >> reporter: potential shift by the fed has shaken some investors who feared the economy is not as strong as it seems. some also worry record low interest rates could disappear. already, mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming deterrence with the new reality. >> once we get through that period, i think we are going to realize that we are going to be okay and things will get back to normal. >> reporter: now, financial advisers say the best advice for average investors not to panic, to stick it ou
. >>> how would you grade the economy? if you don't have a job you might give it an f. if you're in the stock market you might get it an a. what do the financial experts think? we'll find out. cnn's christine romans this week, smart is the new rich. >> summer is here and stocks are in turmoil after a 13% gain this year. unemployment is still too high. investors are making a fortune in housing but nearly 10 million people owe more on their mortgage than their home is worth. there are a rash of statistics to measure this recovery. let's look at this way and give it a good old fashioned letter grade starting with a man whose firm manages $2 trillion. >> i would give the economy a b to a b plus. it is getting better but not fast enough. >> reporter: he buys and sells bonds. these guys are real estate tycoons. >> i'd say it's a c plus rnkts what do you think, mort? >> c plus. >> reporter: here is a harvard professor. >> i think b plus at this point. we should be creating way, way more jobs. >> reporter: the view from the stock market? >> i think b minus. the economy has held up wel
about the economy. last month, employers added 175,000 new jobs, with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession, means the federal reserve could pull back on its stimulus program, which has pumped billions into the system to help drive growth. >> our economy is getting better. and now, it's time to see how we can do it on our own. >> reporter: the potential shift by the fed has shaken some investors, who fear the economy is not as strong as it seems. some worry that record-low interest rates could disappear. already mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming to terms with the new reality. >> once we get through that period, i think we're going to realize that we're going to be okay and things are going to get back to normal. >> reporter: financial advisers say the best advice for average investors is not to panic, to stick it out. they know overall the dow is still up more than 10% this
into the economy each month. >> gradually reducing the pace of purchases. >> reporter: the second, overnight thursday bad news from china. manufacturing production fell. the economy isn't growing as fast as it had been. the pros say this was bound to happen after months of gains and record highs. in fact, the fed pulling back is a sign the economy is getting better. >> there's no fear or panic going on. we know it's going to be a nice, slow, orderly process to see if our economy can stand on its own again. >> stocks were only part of the bad news. a metal meltdown. gold, the filter is dropping like a rock, losing a quarter of the value this year. don't be afraid to peek at your 401(k). after yesterday's dramatic drop, the dow was up 12.5% this year. >> everything was moving yesterday. interest rates on treasury bonds hit a two-year high. higher mortgage rates, higher car payments could be around the corner. don't despair. stock futures in the u.s. are up a little bit so far. we'll keep monitoring it. >> you used a swear word before we went on air. >> i did. i said darn, that was a horrible d
within the economy. you point out that highs in his -- house is a primary beneficiary. the fed is as responsible for managing as they are for anything else. to the extent that they're looking to manage the bubble that has formed, whether it be equities, the form of stocks, housing, absolutely. this is part and parcel with the context for the fed is basically saying at some point we're going to have to pull the punch bowl away from the party. it looks like sooner than later, and this speaks to that. ashley: from an investor's point of view given the volatility in stopping this, you expected will continue through the summer, what can you do as an investor to play in this environment? >> in this type of environment you want to manage risk. that is the first quarter of the day. you want exposure. and if you have the decisions that you feel compelled and meet your objectives, you can hold on to them and hopefully there are dividend payers and certainly they have a very consistent track record in terms of equity performance and driving revenue top and bottom line growth. expose yours
are a bit higher as a sign the overall economy is strong and these are good things. i would think that would be good for the market and investors. >> reporter: ben bernanke is talking about a growth rate of 2.5%. and he's not talking about a flood of new jobs coming into the economy tither. he's got to quit the printing money at some point. he's hinting he will do it soon but he's not leaving a strong underlying economy underneath it. that's why to some degree you have got the selloff in the stock market. martha: an all female jury will decide if george zirmman committed murder when he shot and killed teenager trayvon martin. today we expect we'll hear whether a potentially critical piece of evidence will be admissible during this trial. phil keating is live in miami. this hearing focuses on that 911 call we heard so much. in that call we hear the gunshot, right? >> right. this is potentially decisive expert testimony money that can persuade this jury to go guilty or not guilty. whether it's george zimmerman's voice or trayvon martin's voice screaming in the audio tape. even saying quote, i'
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
the feds will pull back as the economy improves and he says it's getting better slowly. >> overall the committee believes the downside risks diminished but we continue toomd risks as they evolve. >> the federal reserve updated projections predicting growth this year 2.3 to 2.6%, slightedly worse than the march prediction calling for the economy to grow 2.8%. the unemployment rate between 7.2 and 7.3% is better than march forecast when predicting 7.5%. the fed expects unemployment to fall to 6.5% next year. >> shepard: men's warehouse stock took a dive following word the company fired george zimmer. >> by one get one free on almost everybody, including the modern fit suits. you're going to like the way you look, i guarantee it. >> zimmer had been a fixture in men's warehouse commercials for years delivering his signature catchphrase. the company didn't indicate why they fired him but it was done the same day as the annual shareholders meeting. the men's warehouse reports it postponed the meeting to renominate its board of directors without him. watch this space. the nsa set to tall
scaling back later in the year. if the economy continues to improve. peter barnes with the news live in washington. that's a stupid reaction, peter. >> well, shep, the feds said that it could be getting ready to scale back the easy money policies that wall street really likes. it's been using them for the last five years to help keep the economic recovery going after the great recession. and for starters, it said it could slow its controversial 2.5 trillion-dollar bond buying program known as quantitative easing. basically printing new money. qe has helped keep interest rates low foruto loans business ratings. the feds said it could start buying fewer bonds if the economy gets better and that unemployment rate keeps falling and then maybe it could stop qe all together next year if the rate gets close to 7%. >> the 7, 6.5, these are guide posts that tell you how we are going to be shifting the mix of our tools as we try to land is ship on a, you know, on a smooth -- in a smooth way into the -- unto the aircraft carrier. >> so just the idea that easy money could be ending soon, spooked
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is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
to take his foot off the gas pedal no energy left for the economy. interest rates will rise, scenario that is horrible for american families. people are fareful of what happens when bernanke backs out, the federal reserves stops supporting the market. >> what they're doing is, quantitative easing is printing of money, putting more money in the economy, and the government spends a lot more money and allows the private sector to get its legs back under it. the government takes over when the people can't, and then when the private sector gets its legs under it, the government backs off. hasn't happened. >> the feds have been trying to push interest rates down and stimulate borrowing and lending. the fed has kept saying, okay, we acknowledge we're sort of printing money but we think weeing pull that money back when the time comes. and that's not the issue. the hirsh here, number one, this is a market overreaction to what bernanke, the chairman of the fed, actually said yesterday. he did not say we're going to stop this program. he didn't even -- the program didn't even change. these were
and stay here legally and bringing relief to the struggling economy. >> this will help the middle-class grow our economy and shrink our deficits and making sure every one pays taxes like everyone else. >> senators introducing a proposal to bolster security. border surge includes 700 miles of fencing with the addition of tens of thousands border agents and enforces a nationwide e- verify system and needs to be in place before illegal immigrants can apply for green cards. there is no indication whether it will fly before the july 4th recess. >> the current bill is a mess. it is repeating the same failed pattern we saw in 1986. >> instead of throw million we are dealing with len million. and congress is saying the same deal, legalization first and then promising maybe some day in the future the border will be secowered. >> senate leaders have a test on monday. and bring it close to cent votes, that's the target number they say will pressure the republican house to act as well. harris, back to you. >> elizabeth, thank you. >> we are on sarah watch. the family of a little girl who had
program. after a two-day policy meeting wednesday the fed updated the outlook for the economy and bernanke said that's why the fed will most likely slow down its stimulus program. >> the committee currently anticipates it would be appropriate to moderate the monthly purchases later this year and if the subsequent data remain broadly aligned with current expectations for the economy, we would continue to dries the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year. >> bernanke also expects the unemployment rate to fall to 6.8% by the end of 2014. on wall street bernanke's words spooked investors. the dow dropped 206 points and the nasdaq fell 31 points. >>> tokyo's nikkei dropped nearly 2%. hong kong's hang seng lost nearly 3%. >>> well, the irs is caught in another controversy. the agency says it's has to pay $70 million in union bonuses. some republicans want the irs to follow a white house directive and cancel them. in april the obama administration ordered all agencies to stop handing out bonuses bought of automatic spending cuts. >
and commerce is the engine of our global economy. our values call upon us to care about the lives of people we'll never meet. when europe and america lead with our hopes instead our fears, we do things no other nations can do. no other nations will do. so we have to lift up our eyes today and consider the day of peace with justice that our generation wants for this world. bill: where else do you speak about freedom than at the intersection of come anything and democracy in the heart of berlin. the headline will be this. the president calling for a further reduction of nuclear arms and that is the intent of the speech at the brandenburg gate. martha has more. martha: today back in washington tea partyers are taking on the irs in d.c. they are not backing down. this is video in 2010. remember those huge tea party turnouts? we were promised action on the irs. they want to know why lois lerner is still on paid leave. bill: waits an accident or something more sinister. what caused this plane to go down several years ago. martha: the tea party patriots plan to take on capitol hill. they protesting t
relentlessly pumping into the economy. >> based on its review of recent economic and financial developments, we see the economy starting to go at a greater pace. >> in the world of the federal reserve thatasses for tony soprano-style drama. stewart varney, the anchor of varney and company. explain what ben bernanke said and why it got such a reaction. >> reporter: ben bernanke threatened to take away the biggest economic stimulus program we have got going for us right now. at the moment ben is printing a trillion dollars a year. he's threatening to reduce that to zero as the mid of next year. the immediate result is bad news for homeowners because interest rates are going up. home buyers. it will be tough to get a reasonably priced mortgage. and your 401k goes down. president obama is stuck. this stimulus has been taken away. he's got obama-care which has been labeled a train wreck. ben is likely to take away a very good stimulus program. martha: we will final out if this improving economy is a emperor with no clothes. what is that going to mean for everybody out there? >> you are asking the qu
. the president's approval rating on the economy in this poll is 42 approve, 57 disapprove, and as you know a lot of young people are getting out of school and not being able to find a job, and a large number of kids who get out of college are moving back in with their families. i think this is more than just nsa, it may be the economy, it may be the overall perception of the president. the other interesting note in the poll was that for the first time he was viewed by the american people as not honest and trustworthy. 49% said that phrase applies to him. 50% says it does not a my to him. that could be another thing, because young people had such -- he was such an aspirational figure to younger voters and younger americans and if there is agreeing perception that he's not shooting straight with him, that he's not honest and trustworthy that could be very close not only among young people but among all voters. jon: isn't that perhaps the bigger problem i mean for him? because it's one thing to have your job approval rating kind of bounce up and down, but once you are perceived as not necessarily t
pumping into the economy to lower interest rates, encourage borrowing and improve the labor and housing market. when he mentioned that investors knew it couldn't go on forever. hearing it caused a knee-jerk reaction. they thought he's not quitting cold turkey. unemployment needs to improve a little bit more and needs to be more growth in the economy. >> you talked about interest rates. that's a major concern for people, not just when it comes to mortgages, but student loans as well. >> everything you do is tied to the interest rate whether you like it or not. whether you have an existing loan or taking out a new loan. if you have a variable rate those could go up in the near term. they change with the market. if you have a fixed rate loan it stays the same. if you are taking on a new loan make sure you look closely at your mortgage. new mortgages, they also move with the market. we are seeing a 30-year fixed at nearly 40%. it's climbing. if you want take out a new mortgage, it's narrowing. credit cards, student loans, auto loans, other types of debt are tied to the f
year and they're concerned what the fed is going to do when they stop supporting the economy probably some time into next year. you'll see this gut check where people are taking money off the table. >> christine romans reporting live from new york city, thank you. >>> six women, six women, just women would decide the fate of george zimmerman and remember race could be a key factor to this case. five of thez women jurors are white. one is described as hispanic or black. opening statements now set for monday. also, today the judge will rule on a controversial voice analysis of the screams heard on this 911 call. >> does he loohurt to you? >> i can't see him. i don't want to go out there. i don't know what's going on. >> do you think he's yelling help? >> yes. >> all right. what is your -- >> all right, you heard the screams in the background. the prosecution wants to show it was trayvon martin's voice. if so, that could hurt zimmerman's self-defense claim in shooting zimmerma eme eme em was unarm aed. >>> also new information this morning in the sudden death of james gandolfini. hotel s
changes to make there, but the really big news on the economy came yesterday. obviously, with ben bernanke. >> joining me is former treasury official and analyst steve rattner. also, we have new york times reporter jeremy peters. good to have you both onboard. we'll start with ben bernanke. he expressed confidence in the nation's economic growth yesterday saying the fed will start to rein in its stimulus program later this year. bernanke laid out the federal reserves plan, which includes tapering off its multibillion bond-buying program until the unemployment rate drops to 7%. the fed expects that to happy the middle of next year. >> that's great news, right? >> in some way. >> so that's the good news. what bad news could there be from that, steve rattner. >> i think we'll find out. >> the fed will also hold off on raising interest rates keeping them to near zero until unemployment falls to 6.5%. as for wall street's response, this may be where things change. the markets took a dive as soon as bernanke started speaking. by 3:05 the dow fell 140 points closing the day down more than 200, st
this year because the economy is improving. it could also mark the beginning of the end of historically low interest rates. right now the dow is down. you see it on your screen, 227 points after falling 206 points yesterday. cnbc's kayla joins us live. kayla, the residuals still from bernanke's speech? >> tamara, i think we're going to be feeling the reverberations from that for a long time. all three averages are down 1.5%. you have gold which investors go to when they sell out of stocks. gold is down, too. you have bonds down also and the interest rates on those bonds are spiking. the ten year treasury is at a yield that it hasn't seen in nearly two years. stocks for their part have retreated. they've lost basically everything they've made in the last two months. you've mentioned it. it's somewhat ironic. a normal observer would say why is everything sell off because chairman bernanke said the market was doing better? there were all of these green chutes and signs up. there was an unprecedented amount by the federal reserve buying bonds, initiating pra ms to help stimulate the economy, an
be shifted to china that pushes them under 50. we know that obama care is a drag on the economy, been a train wreck, drag on economy, and we need jobs, don't need people cutting back on hours. >> let me tell you something about the medical device. a lot of democrats want to rescind that medical device. a lot of medical device manufacturers are in their jurisdiction. if they real estate the law in the beginning, they have to be back pedaling. it's my rub that nobody bothers to read the statutes, just votes yes. >> this was passed in the middle of the night, passed in a hurry, not ready for prime time. the medical device tax, trying to get money everywhere they can to expand medicaid, including a 10% excise tax on tanning salons. >> thank you very much. >>> is it the new cold war? president obama with a frosty reception in germany. >>> what ♪ [ engine revs ] ♪ [ male announcer ] just when you thought you had experienced performance, a new ride comes along and changes everything. ♪ the 2013 lexus gs, with a dynamically tuned suspension and adjustable drive modes. because the ultimate expre
on the powerful stimulus that they have been adjusting the economy with. >> the committee anticipates it would be appropriate to moderate the monthly pace of purchases later this year. broadly aligned with current expectations of the economy we would continue to reduce the pace of purchases in measured steps ending purchases around mid year. >> explicitly ending the bond buying program around the middle of next year. that would come -- after that the subsequent hieblg in interest rates that's expected in 2015. that is what has people nervous. >> stocks reacting badly. >> take a look at the dow. the dow tumbled 206 points at the closing bell. we saw bond yields rise. topping 2.3 percent of the highest in 15 months. the worst performing stocks yesterday were those that trade similar to bonds like telecom as well as utilities. >> hopefully we will see a bounce back. f futures are looking terrible. asian stock selling off europe is lower. future is here for the dow. 91 points. >> thanks debbie downer, lauren simonetti. >> when interest rates go up people who save money will make money. >> true. th
'll always know where she is headed. let's begin with worries about the economy here and around the world. >> overseas markets are lower this morning after a drop in the dow. here with more is abc's marci gonzalez. >> reporter: from the opening bell, deja vu of plunging stocks. the worst day of the year on wall street with the dow dropping by more than 350 points at the close. the second consecutive day of stunning selloffs. >> people start panicking. so they sold. >> reporter: investors say the drop is largely due to of all things good news about the economy. federal reserve chairman ben bernanke announcing if the economy continues improving the central bank could soon begin winding down its stimulus program which pumps $85 billion into the market each month to keep it afloat. >> we have had training wheels on our economy quite some time now. we are getting word the training wheels are going to have to come off, slowly come off. we are going to see if we can ride this bike on our own. >> reporter: market uncertainty has had some impact, leading to mortgage rates climbing above 4% for the
says if the reform bill passes, it would boost the economy and cut the federal deficit by $200 billion in the next decade. but now there are fears it may not happen at all. our political director john dickerson is in washington. john, good morning. >> reporter: morning, charlie. >> so what's the impact of this cbo report? >> reporter: well, i think for those who are pushing comprehensive immigration reform, it's a second big argument for them. they've been making the moral case that the immigration system has to be fixtured. now they can make an economic case that it's actually good for the economy. and critics, though, of this have seen a kind of push to get this bill rammed through. and so a lot of conservatives think that cbo is kind of tweaking the numbers here. they don't believe this will be good for the economy at all. >> john, what does it portend for the future of the immigration bill in the house when a key committee just passed a bill that would make it a federal crime to be in the united states illegally? >> reporter: the central tension to watch in this bill is between get
the economy looks like it's on the mend. so, take a look at these numbers. the economy is expected to grow by at least 3% next year. unemployment could drop as low as 6.5% by next year. it's all looking like better news. but on the flipside, interest rates are moving higher, which means that the cost of buying a home or buying even a car could go up. so, take a look at this. every time that mortgage rates go up just 1%, the cost of buying a home gets 10% more expensive. that could deter a lot of buyers. and of course, higher interest rates, they do benefit some people like savers and retirees living off bank accounts and cds. so, it's some good news for those living on a fixed income, josh. >> indeed it is. rebecca jarvis, thank you for that. >>> we're going to turn to the firefight in the west. at last check, that fast-moving wildfire north of phoenix is 0% contained. you see pictures of it there. nearly 500 homes are threatened. and another wildfire has erupted in colorado. this one southwest of denver. those hot and windy conditions are fueling the flames. sam's forecast coming up in a
parkts do markets down 1 to 3%. this is the world reacting to the economy being well enough so they can pull back sometime next year. >> can i ask a stupid question? >> what's your stupid question. >> first of all, if the economy is doing better, and we all knew the stimulus is temporary, why is this such a surprise? >> that is a great question, because this is exactly what everyone said they thought would happen, that the fed would say stimulus is going to continue, but they would give a road map for how it would be tamped down. that's exactly what happened. the nagging worries you still see in global markets. record unemployment in europe. china's factory output is the slowest in nine months. last year china's growth was the slowest in 13 years, and there's this worry that if you have no fed in the u.s., you have no growth. look how much money the fed has been pumping into the system. you have the fed's balance sheet that has exploded and you still only have 2% growth in the u.s. if you've got china slowing and the fed pulling back at the same time, what is that going to mean for mark
of the volatility is the result of good news. the 350-point plunge comes just as the government says the economy is getting better. everything from housing to jobs, to consumer spending, all showing improvement. so, why would wall street run scared from such good news? experts say, it's all because fed chair ben bernanke, basically our country's banker in chief, now wants to take the training wheels off our economy. saying because things are looking up, it's time to dial back on trillions of dollars the fed's been pouring into the markets. >> we've had training wheels on for quite some time now. and now, we're getting word that they're going to have to come off slowly. and we have to see if we can ride this bike on our own. >> reporter: but riding without that help means the cost of borrowing money to do everything from buying a house to starting a business is going up. and that spooks the stock market. and staying on that training wheels theme, traders here on wall street aren't afraid we're going to crash into a wall when the wheels come off. what they're concerned about is things could get wo
our heritage, our hunting and fishing traditions and all the sustainable economy that comes from that on something that's speculative? it doesn't make sense from a dollars and cents standpoint. >> reporter: now, the blm is still allowing public comment on its decisions through the end of this month. jenna? jenna: a story to watch, alicia, thank you. jon: so the clock is ticking on passing immigration reform in congress. could a security surge on the border be enough to silence the critics of this bill in congress? we'll ask one of the so-called gang of eight senators who is pushing immigration reform, john mccain of arizona. >> the facts are that 11 million people live in the shadows, and they live here in de facto amnesty, and by god, they are being exploited every single day. jon: "happening now," maybe call it the border surge. two republican senators hoping that a plan to boost border security with double the agents, a 700-mile fence and the use of drones will push a bipartisan bill on immigration across the finish line in the senate and also garner the support needed in the
falls below 6.5%. he has no fixed plan to stop purchasing the securities helping to lift the economy. even when they stop, they won't turn around and sell them, which would be bad for investors. we've had several billionaire money managers writing in to voice their continued confidence in the stock market saying this will all pass too. afterall, the economy is heading in the right direction. tr tamron, if you want to invest in the stock market right now, you're going to have to have a steel stomach. >> thank you, kayla. the news nation is also following breaking news out of the white house where president obama is about to nominate james comey to be the next head of the fbi. he's a former justice department official who helped oversee the legality of the national surveillance program under president george w. bush. if confirmed by the senate, he would replace robert mueller, who's head of the agency since september 2001. although fbi directors are limited to a single ten-year term, mueller's term was extended by the senate at the president's request. comey's nomination comes as the f
ben bernanke. he'll answer questions. they're looking for an update on the state of the economy, and they want clarity about whether the fed will continue to keep interest rates low. >>> asian stocks were mixed ahead of word from the feds. tokyo's nikkei added nearly 2% while hong kong's hang seng dipped 1%. >>> and wall street still believes the central bank will continue the stimulus program. tuesday the dow jumped 138 poichblts to close at 15,318 while the nasdaq rose 30 points. >>> two weeks ago the car company defied the federal regulators and refused to recall 3 million jeeps. the feds said the fuel tanks could rupture and cause fires in rear end collisions. now chrysler says they will recall a million and a half 2002 through 2007 jeep liberties and grand cherokees made from 1993 to 1998. >>> well, new yorkers won't have to worry about charging their dying cell phones. the city along with at&t will put up 25 solar powered charging stations. the program begins next week and it will be free. the stations can recharge up to six devices at a time, but after 30 phones get juice
are on the decline. new poll shoe a third of americans they are likely to hold back because of u.s. economy. stocks are pretty quiet. we do have a federal reserve meeting and get a press conference on the fed later today. bloomberg silicon valley index is trading a slight bit higher. consumer reports said vigorous testing on several brands of toilet paper. walmart white cloud came out on top. they based it on four criteria, machinery and people to come to their conclusions. they tested the strength of paper. also doing well on tests, great value and wal-mart brand and northern did well. they turned up? stinkers. essentials was at the bottom and whole foods was just slightly better. >> you knew you were going there. okay. keep rolling along. >> all right. miss utah did not win last night but after she gave a rambling to a question about the gender wage gap. >> our team as the leaders and we true need to try to figure out how to create education better so we can solve this problem. >> kristen: what happened? this is what she told jimmy kimmel. >> i hear the question and i just started talking. once i
the rally and what is happening in china. it is the world's second largest economy. it is a fact and this sounds familiar for all of us in the united states, they have a shadow banking system there. just thinks of trillions of dollars of loans, that are shams built on a foundation of lies. the central bank has essentially created a liquidity crunch. it is hard to borrow money in china and that has investors worried about keeping growth in china is difficult. that's the reason you saw the selloff here in the united states. >> we reported on the volatileitty. it was the 10th day in the past month in which the dow moved more than 200 points in one session. prior to that it happen four times in one year. >> the bank and lenders and uncle sam were not the only players in the stock market collapse. bombshell e-mails reportedly she how two credit rating agency exchanged cash in green lights for risky practices that got us in this mess. it is a report in rolling stone magazine. they rate the credit of the big cooper rayings of the country and united states and anything that takes on debt
was the student. >> it did come out that way. njust being a traitor he would be abetting the economy. >> you can make a case releasing all of this stuff make its harder for the nsa to track terrorist. >> i thought someone was trying to restrain you. nprobably someone else in the audience. >> bang, zoom. >> i can arrange a meeting with you and bill can set a meeting you and bill and you could pick his brain about some stuff. >> yeah, sure. that would be a dream. >> i don't think that dave was hanging on bill's every word. >> when have i ever been wrong? >> you think dave buried a hatchet because he realized bill is right about most things? >> i think he was just being positi polite. >> a lot of kindness, handholding. >> a little later we'll sing kumbaya. >> some intelligent points about the nsa. >> yeah. it's kind of common knowledge really. >> you can't really say i want to read the e-mail of everyone in iowa, you can't do that. >> you know, that's not a bad idea. all right. >> really delivering the goods tonight. >> made a lot of assertions and seemed really confident. >> when you are that righ
it makes in sense to cut those programs when you have the need. it stimulates the economy. when people get food stamps they go out and buy things. that helps the economy and creates jobs. it makes no sense. >> what was interesting you and your colleagues for the most part in terms of the democratic party said this went way too far. the republicans said it didn't go far enough. with that big of a divide did we expect dmanything to get throug? >> it's going to be tough. i know you talked about the immigration reform. i think there's an effort on the part of the republican leadership to try to pass an immigration reform bill. they are putting so many roadblocks in the way. in the house you may have read that they voted on an amendment. this was like a tea party right wing amendment that makes being in the united states a crime. another amendment that gets rid of the dreamers act that lets young people stay here and not be deported. then the speaker is saying he won't let the bill go to the floor unless it has a majority of the republicans which would include the tea party. we've got a long wa
we did nothing in the face of real threats to our security and our economy. >>brian: shortly after president obama's state of the union address his administration freed 2,000 of the most dangerous illegal aliens detained in u.s. jails. one film says we won't find the answer in d.c. so he went to the u.s.-mexican border to prove it. >> we've got units now. everybody's lights on. he is pushing them. he is pushing them north. [music] >> 60-plus. it's plenty busy. >>brian: joining us is the director of "they come to america ii." dennis, you went back to do a follow-up on your first. why? >> i knew what the truth was, and i didn't feel as if i got it right the first time. i had to get it right the second time. i got it right. everything that you have been seeing on television -- everything -- is wrong compared to what it is you'll see in this film. it's because you would never send your cameraman where it is that i go. everything is coming through that border, brian. and when i say everything, i'm talking about terror at its worst level. that's coming from a guy who witnessed 9/11 first
programs in place to support the economy. stocks closed higher yesterday. that could change as investors find out whether or not, fed chair, ben bernanke will scale back on the $85 billion in bond purchases to hold down loan rates. >> wind whipped wildfire burning close to hundreds of homes north of phoenix. the fire started near prescott, wind gusts 22 miles an hour pushing that fire to 200 acres within an hour. residents told to evacuate. others told to be ready in case. >> things are heating up in brazil where anti-government protesters have been clashing with riot police. an estimated 240,000 protesters took to the streets in ten cities across brazil. anger fueled over government corruption, high taxes and the country any notoriously poor infrastructure despite an economic boom. >> a look at your weather -- stormy day in the pacific northwest. hot, dry in the southwest. strong winds for arizona and new mexico. pleasant day in the northeast. low humidity and bright blue skies. >> 90 or above for the south. north dakota to oklahoma. eastward. 60s for anchorage, portland, seattle. >> sc
and boost our economy by more than 5% in part because of businesses created, investments made, and technologies created by immigrants. >> that was president obama this morning in his weekly address. democrats and republicans unveiled a new amendment that includes $30 billion, 20 additional border agents and new drone technology. joining me now wanda summers and congressional reporter ed o'keefe. thanks for joining me. >> good morning, alex. >> ed, i was reading about immigration reform. $30 billion is a lot of money to secure the border. but will it actually accomplish that? >> that's the big question. i spent time talking to folks who represent communities along the border who work with a lot of these immigrants communities. they say they're very concerned that basically doubling the the size of the u.s. border control really could militaryize sections of it. there's concern that if you're hispanic, there are suspicions of people crossing, they might seek out people in illegal or wrong fashion. we will see exactly what happens in the coming years and see if this agreement sur
had to say. >> he said the economy is getting better, that means the fed will stop all the stimulus. not right now but eventually. dow futures down 80 points, big sell-off yesterday, the dow, nasdaq, s&p all swooning by more than 1%. the dow was down 206 points. fed reserve chairman ben bernanke said the fed was prepared to "taper" its purchases of bonds as the economy improves. he signaled the stimulus program could end by next year, that could raise your borrowing costs, you would feel it. >>> a stunning turnaround for general motors for the first time j.d. power and associates says gm is the car company with the best quality. all four gm brands were ranked above the industry average. gm filed for bankruptcy back in 2009 so this is a milestone for general motors. >>> a faster version of wifi is on the way t will allow to you transfer, imagine this, a high definition movie to a tablet in less than four minutes. the samsung galaxy s4 and routers from cisco will be among the first to use this new high speed wifi. apple says its future products will use the faster network, full movie,
the economy was getting better. today, three major stock indices were calm. they ended the week down 2%. >>> and there are reports of a story, faultout from the george zimmerman -- fallout from the george zimmerman murder trial. the jury is six people, all women. it's in place. the case that's become a hot button for racial kenzie in this country is going to begin -- racial tension in this country is going to begin opening arguments monday morning. what will happen in sanford, florida? the town where 17-year-old trayvon martin was shot and killed last february. if george zimmerman is actually acquitted? david mattingly has more. >>> team three has 15th street -- >> reporter: the clock is ticking for the sanford p.d. and its new chief. >> let's mount up, folks. let's do it. >> reporter: the george zimmerman case exposed a deep bitter divide between the city's police and african-americans. on the job now only since april, chief cecil smith -- >> we're going to walk, knock on doors. >> reporter: hopes going door to door -- [ knocking ] >> reporter: talking to people in a city of a little
and says the fed is go ease up on buying bonds. the reason is because the economy is getting strong enough to stand on it's own. if the economy is better, why would the market tank like this? >> people don't ever want to think, you know what, i can do better in bonds than stocks. a lot of people are hiding in stocks. good dividends, good yield. the bond market is safer so they're selling stocks to buy bonds and people who are in bonds are freaking out too because they think the fed is no longer going to support them. there's uncertainly everywhere. >> the bigger picture here, it's about interest rates. historically low for a long time and now interest rates are going to go up. do you think right now, if your opinion, is the economy strong enough right now to with stand the concept of money getting more expensive. >> yes. yes, it is. doesn't seem like it because we don't have the employment growth we want but at the same time we have a lot of industries doing really strong. i wish our foreign trading partners -- i wish china was doing better, and europe was doing better. we're the strongest
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